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Bid Summary
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Vineyard Bank, National Association
Rancho Cucamonga, CA
Closing Date: July 17, 2009
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Winning Bidder:
California Bank & Trust, San Diego, CA
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Winning Bid:
All deposits, whole bank with loss share – Asset Discount of $242 million,
Deposit Premium 0%.
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Other Bids:
None
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Notes:
- The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bid. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bid for loss share was valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- Although two bids were received for this institution, the second bid would have been more costly than liquidation. It has therefore been excluded from this summary.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html. |
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